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Coffee prices have experienced a correctional bearish rebound, dropping from the $335.00 level to test key support around $288.00. The price has since started to show signs of recovery, stabilizing near the $301.00 mark.
The current fluctuation in the stochastic indicator, nearing the 20 level, suggests the price may experience some sideways movement as it builds positive momentum. Once this momentum is gathered, coffee prices are expected to form new bullish waves, targeting $311.60 and potentially revisiting the recent high at $335.00. This would open the path for further upward movement in the coming period.
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The expected trading range for today is between $291.50 (support) and $311.60 (resistance).
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Trend Forecast: Bullish
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